[garysears]

I’m supposed to close escrow 23 April (first time homebuyer of a used house). I’m going to try to extend closing to 01 May. I’m not a California resident and don’t pay California income tax but I will have to pay California taxes on my rental income of the detached granny flat. I’m not 100% sure of all the particulars but it looks like I can get a 3 years tax free though I won’t get the whole 10k credit.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[garysears]

JP,

Lakeside 92040. It is a little further maybe than I’d like, 35 minutes vs current 25 minutes to work. There isn’t much in Lakeside under 300K. The property layout is a little unique and certainly not for everyone. That combined with the 20% down conventional requirement probably kept everyone else away. I choose to take that as a sign that this was meant to be my place. I had expected fierce competition like my previous offers on properties. I think that after a few weeks on market people start to assume there is something wrong with the place.

We have a tenant in mind for the granny flat…a long time friend who will likely be a long term renter and we’ll offer an under market rate. If we move we’ll have someone we trust to keep an eye on the place. My monthly out of pocket cost will be less than the 2/2 condo I’m renting now in La Mesa.

[garysears]

JP,

Lakeside 92040. It is a little further maybe than I’d like, 35 minutes vs current 25 minutes to work. There isn’t much in Lakeside under 300K. The property layout is a little unique and certainly not for everyone. That combined with the 20% down conventional requirement probably kept everyone else away. I choose to take that as a sign that this was meant to be my place. I had expected fierce competition like my previous offers on properties. I think that after a few weeks on market people start to assume there is something wrong with the place.

We have a tenant in mind for the granny flat…a long time friend who will likely be a long term renter and we’ll offer an under market rate. If we move we’ll have someone we trust to keep an eye on the place. My monthly out of pocket cost will be less than the 2/2 condo I’m renting now in La Mesa.

[garysears]

JP,

Lakeside 92040. It is a little further maybe than I’d like, 35 minutes vs current 25 minutes to work. There isn’t much in Lakeside under 300K. The property layout is a little unique and certainly not for everyone. That combined with the 20% down conventional requirement probably kept everyone else away. I choose to take that as a sign that this was meant to be my place. I had expected fierce competition like my previous offers on properties. I think that after a few weeks on market people start to assume there is something wrong with the place.

We have a tenant in mind for the granny flat…a long time friend who will likely be a long term renter and we’ll offer an under market rate. If we move we’ll have someone we trust to keep an eye on the place. My monthly out of pocket cost will be less than the 2/2 condo I’m renting now in La Mesa.

[garysears]

JP,

Lakeside 92040. It is a little further maybe than I’d like, 35 minutes vs current 25 minutes to work. There isn’t much in Lakeside under 300K. The property layout is a little unique and certainly not for everyone. That combined with the 20% down conventional requirement probably kept everyone else away. I choose to take that as a sign that this was meant to be my place. I had expected fierce competition like my previous offers on properties. I think that after a few weeks on market people start to assume there is something wrong with the place.

We have a tenant in mind for the granny flat…a long time friend who will likely be a long term renter and we’ll offer an under market rate. If we move we’ll have someone we trust to keep an eye on the place. My monthly out of pocket cost will be less than the 2/2 condo I’m renting now in La Mesa.

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